Save Article

Oil-Linked Currencies Extend Losses

OPEC Decision Triggers Sharp Decline in Oil Prices

The tumbling price of oil hammered commodity-dependent currencies as well as shares in oil and gas companies, a day after OPEC kept its output target. Charles Forelle reports. Photo: Getty Images

By

James Ramage

Nov. 28, 2014 4:37 p.m. ET

The currencies of oil-producing countries such as Canada and Norway continued to weaken against the dollar for a second straight session Friday, as oil prices tumbled in the wake of OPEC’s decision to leave its oil production ceiling unchanged.

The U.S. dollar rose 0.9% versus the Canadian dollar, to a three-week high of C$1.1435. The dollar rocketed 1.5% versus the Norwegian krone, to 7.0336 krone, the highest level since March...